Business Context and Reporting Period
This Form 8-K Current Report was filed by SS&C Technologies Holdings, Inc. and its subsidiary, SS&C Technologies, Inc., on February 16, 2011, covering events occurring on February 15, 2011. The filing addresses a specific corporate action regarding the company's debt structure.
Key Financial Metrics
The filing details a partial redemption of senior subordinated notes. The specific financial figures disclosed are:
- Debt Instrument: 11 3/4% Senior Subordinated Notes due 2013.
- Redemption Amount: $66,625,000 in aggregate principal amount.
- Redemption Price: $1,029.375 per $1,000 of principal amount.
- Interest: Plus accrued and unpaid interest to, but excluding, March 17, 2011.
- Remaining Debt: Upon completion, $66,625,000 in aggregate principal amount of the notes will remain outstanding.
The filing text does not provide clear values for revenue, profit, cash flow, margins, or overall liquidity metrics beyond the specific debt transaction.
Material Changes
The primary material change is the reduction of the company's outstanding debt load through the partial redemption of the 2013 notes. This action reduces the total principal amount of this specific debt instrument by half, as the remaining balance equals the redeemed amount.
Guidance, Outlook, and Risks
The filing does not contain management commentary on future guidance, outlook, or general risk factors. The document is strictly a notification of the redemption event. No unusual items or contingencies were disclosed in the text provided.
Investor Verification Checklist
- Verify the total cash outflow required for the redemption, including the premium ($29.375 per $1,000) and accrued interest.
- Confirm the impact of this redemption on the company's total debt-to-equity ratio and interest expense coverage.
- Review the attached press release (Exhibit 99.1) for the rationale behind the redemption (e.g., refinancing, excess cash deployment).
- Assess the remaining $66,625,000 principal balance and its maturity profile relative to the company's liquidity position.